Management is now widely used in almost every activity – risk management, logistics management, and human resource management, to name a few. The concept of management has existed in human consciousness for several years, and it can be assumed that the phenomenon of management has occurred since the beginning of mankind. Management arose at a time when the first people decided to live together in the form of clans or settlement groups.
Managers, who carry out management guidelines and functions, are inextricably linked in the field of management. Managers appear to be the result of management, but this is not the case because people performing these types of tasks have been working much longer than the phenomenon of management has been identified and described. Many years before the general phenomenon of management was considered, the first managers were people who led a group of people and organized their activities.
With the advancement of technology and globalization, there are a plethora of new management challenges and tasks confronting managers today. Because of the speed with which these changes are occurring, outdated solutions that were implemented, say, a year ago and were effective at the time, will no longer be able to fulfill their role today. In addition, the approach for the organization or tasks may lose its relevance. Organizations and managers are currently confronted with management challenges that take the following forms:
1.Keeping Up With The Market: Previously, the market situation could be checked only once; however, in today’s rapidly changing market conditions, this type of study should be carried out at regular intervals. The interval may vary depending on the type of products and services offered by the organization, but it has become necessary to be aware of the current market situation and adapt to it. Markets that were once stable and predictable are now becoming dynamic markets with a rapidly changing situation. The manager should have a comprehensive understanding and vision of the situation, as well as the attitudes and expectations of potential customers.
2.Planning: Previously, plans were made for longer periods, such as three or five years; now, plans should be made for a shorter period. With the changing market environment, the organization’s plans should be subject to appropriate changes and modifications, allowing the organization to adapt to market demands in a flexible manner.
3.Financial Management And Cash Flow: To maximize cash flow, each component of the company’s capital should be carefully controlled. Future planning funding will also allow us to determine the need for additional measures and how to obtain them on time.
4.Uncertainty: Uncertainty is perceived as a source of discomfort, resulting in a loss of stability and security. Today, uncertainty refers to the global economy, credit markets, new regulations, and the impact of new technologies on the organization’s operations. Uncertainty requires organizations to plan in the short term, which necessitates the adoption of a strategy that allows them to align short-term objectives with the organization’s long-term foundation.
5.Globalization: It is now one of the most significant challenges confronting the management field. It necessitates an organization’s entry into new foreign markets, as well as an understanding of the prevailing culture and the needs of its customers. This challenge can be met by better and more accurate information acquisition, allowing for a better understanding of new markets and their mechanisms.
6.Innovation: Organizations are being forced to be innovative as the economy and markets change dynamically, which is reflected in their future actions. However, when it comes to innovation culture, most organizations still do nothing because they are afraid of failing. This issue can be resolved by becoming more innovative while still maintaining control over the organization.
7. Diversity: Almost any organization’s requirement to remain steady and strict over a long period might result in more harm than gain. Modern businesses first identify what characterizes their diversity – a product, consumers, or workers – and then encourage the exchange of different ideas and points of view.
8.Information Overload: Nothing changes as quickly as information, in terms of both quantity and form. The challenge for the organization here is to deal with the large number and variety of forms in such a way that it does not waste time on unimportant ones and selects the ones that enrich the organization’s knowledge of technology, markets, and audience.
9. Strategic Thinking And Problem Solving: The issue here is retraining the organization to believe that a strategic approach to problem-solving is one of the requirements for dealing in the market. Among all of these challenges and problems, managers must classify them appropriately to determine the level of significance and then proceed to solve them.
To summarize, today’s managers facing management challenges should first and foremost: improve communication, concentrate on strengthening the communication system, and aim to build groups of employees that are open to new problems and participation in confronting new challenges.
Md. Istiak Ahmed
Faculty Of Business Studies 10th Batch
Department Of Management
Mawlana Bhashani Science And Technology University, Santosh, Tangail.